Trump takes an unexpected turn: TikTok stays alive thanks to 75-day deal with China
Donald Trump signed an executive order delaying the TikTok ban for another 75 days after his new tariffs scuppered a possible deal on the sale of the app.
The deadline for ByteDance to sell US operations of its popular app TikTok or be banned in the United States expired on Saturday despite the White House expressing confidence that an agreement could be reached this week. In fact, a deal had been reached as of Wednesday, reports NBC.
It would have allowed TikTok’s Chinese parent company to maintain a minority stake in a new American-based company with majority American owners who would control operations. Trump had been prepared to sign an executive order to approve the deal according to the outlet that would have also called for 120-day closing period in order to finalize the deal.
However, Trump’s ‘Liberation Day’ tariff announcement imposing new levies on imports prompted ByteDance to tell the White House on Thursday that there would be no deal. Going forward there would have to be an agreement on trade and tariffs between the US and China before TikTok’s US operations could be spun off to a American-based company.
Trump delays TikTok ban for 75 more days
The following day Trump signed an executive order to protect US companies from legal ramifications of the TikTok ban. The deadline will be pushed back another 75 days.
In a post on Truth Social he announced that “the DEAL requires more work to ensure all necessary approvals are signed.” He made reference to the new tariffs imposed on China saying that he understands that Beijing “are not very happy about our Reciprocal Tariffs.”
But then claimed that “this proves that Tariffs are the most powerful Economic tool, and very important to our National Security!” Adding: “We don’t want TikTok to ‘go dark.‘”
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